Smith Salley Wealth Management raised its stake in Cummins Inc. (NYSE:CMI – Free Report) by 3.3% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 22,489 shares of the company’s stock after buying an additional 721 shares during the period. Smith Salley Wealth Management’s holdings in Cummins were worth $12,100,000 as of its most recent filing with the SEC.
Several other large investors have also modified their holdings of the stock. Nicolet Advisory Services LLC lifted its holdings in shares of Cummins by 1.6% during the fourth quarter. Nicolet Advisory Services LLC now owns 1,101 shares of the company’s stock valued at $619,000 after purchasing an additional 17 shares during the last quarter. Uhlmann Price Securities LLC boosted its position in shares of Cummins by 2.4% in the 1st quarter. Uhlmann Price Securities LLC now owns 717 shares of the company’s stock valued at $386,000 after purchasing an additional 17 shares during the period. Frank Rimerman Advisors LLC increased its stake in Cummins by 0.5% in the 4th quarter. Frank Rimerman Advisors LLC now owns 3,738 shares of the company’s stock worth $1,908,000 after purchasing an additional 18 shares in the last quarter. Financial Consulate Inc. raised its holdings in Cummins by 16.8% during the 4th quarter. Financial Consulate Inc. now owns 125 shares of the company’s stock worth $64,000 after buying an additional 18 shares during the period. Finally, ICW Investment Advisors LLC raised its holdings in Cummins by 2.6% during the 4th quarter. ICW Investment Advisors LLC now owns 723 shares of the company’s stock worth $369,000 after buying an additional 18 shares during the period. 83.46% of the stock is owned by institutional investors.
Analyst Ratings Changes
Several brokerages have commented on CMI. UBS Group reiterated a “buy” rating on shares of Cummins in a report on Wednesday. Wall Street Zen lowered shares of Cummins from a “strong-buy” rating to a “buy” rating in a report on Sunday, March 8th. Raymond James Financial upped their price target on shares of Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a research report on Tuesday, May 26th. Argus raised their price objective on shares of Cummins from $696.00 to $770.00 and gave the stock a “buy” rating in a research note on Monday, June 1st. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, Cummins has an average rating of “Moderate Buy” and a consensus target price of $731.86.
Insider Activity
In other Cummins news, VP Jennifer Mary Bush sold 5,000 shares of Cummins stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $696.21, for a total transaction of $3,481,050.00. Following the completion of the sale, the vice president owned 11,986 shares of the company’s stock, valued at $8,344,773.06. This trade represents a 29.44% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Nicole Lamb-Hale sold 2,408 shares of the business’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $685.34, for a total transaction of $1,650,298.72. Following the transaction, the chief accounting officer owned 14,084 shares in the company, valued at approximately $9,652,328.56. This represents a 14.60% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 13,579 shares of company stock valued at $9,377,684 in the last three months. 0.30% of the stock is currently owned by insiders.
Cummins Stock Down 0.1%
Shares of Cummins stock opened at $716.50 on Monday. Cummins Inc. has a 1 year low of $307.90 and a 1 year high of $737.76. The company has a market cap of $98.87 billion, a P/E ratio of 37.18, a P/E/G ratio of 1.74 and a beta of 1.24. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50. The stock has a 50-day moving average price of $663.00 and a 200 day moving average price of $591.35.
Cummins (NYSE:CMI – Get Free Report) last released its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, beating the consensus estimate of $5.63 by $0.52. The company had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The business’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $5.96 EPS. As a group, analysts expect that Cummins Inc. will post 29.44 EPS for the current fiscal year.
Cummins Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Friday, May 22nd were issued a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 1.1%. The ex-dividend date was Friday, May 22nd. Cummins’s dividend payout ratio (DPR) is currently 41.52%.
Cummins Profile
Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.
The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.
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